Facebook could bring cryptocurrency payments to its platform

12 May, 2018, 14:19 | Author: Rita Burton
  • Facebook

That Facebook would form a team specifically dealing with blockchain is especially intriguing, and a clue the company is indeed interested in developing some form of cryptocurrency.

Facebook is reportedly considering launching its own cryptocurrency for its more than 2 billion users to make payments worldwide, according to a report from Cheddar. Kevin Weil, Product Manager at Instagram, is leaving this job to join Facebook's blockchain department, and Adam Mosseri, head of Facebook News Feed, will take over Weil's position on Instagram, the company said.

Marcus is no rookie when it comes to this field because before he was working for the company, he was the president of PayPal, and was an early investor in Bitcoin.

The report states that David Marcus, vice president in charge of the Messenger app, is leading a team of about a dozen Facebook employees.

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In a statement after, face book mentioned: "Like many other programs, face book is researching ways to leverage the ability of Blockchain technological innovation".

Facebook named new leaders for some of its main divisions, including the core social network, WhatsApp and Messenger, in the biggest management reshuffling since the company's founding.

Messenger and WhatsApp each have more than a billion users, making them one of the most popular smartphone applications in the world. "However, Facebook deson't have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price", the report added. As Cheddar, notes, the social network would have to make some major blockchain and cryptocurrency acquisitions before this was a viable idea.

"Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we'll do something."

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